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Global Wireless Door Lock System Market 2026: North America and Europe Are Expected to Emerge as Lucrative Markets for Wireless Door Lock System

Global Wireless Door Lock System Market 2026: Up Gradation to Smart Homes Offering Potential Opportunities for Wireless Door Lock System Manufacturers

 

Albany, NY -- (SBWIRE) -- 03/08/2019 -- The global wireless door lock market is estimated to be valued at US$ 857.2 Mn by 2018 end and is expected to reach US$ 1,799.3 Mn by the end of 2026, expanding at a CAGR of 9.7% over the forecast period. The global wireless door lock market is anticipated to represent an incremental opportunity of US$ 942.0 Mn between 2018 and 2026. Moreover, sales of wireless door lock system are estimated to surpass US$ 1,700 Mn by the end of the assessment period, according to the report.

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Direct Correlation Between Macroeconomic Growth and Door Lock System to Fuel Sales

Sales of door lock system are significantly influenced by macroeconomic aspects, most notably, urbanization, GDP per capita and economic growth. According to OECD analysis, the world's GDP has reflected an unswerving surge since the past year and ascendency is expected to remain persistent in the long run. Furthermore, the United Nations Department of Economics and Social Affairs has revealed that by 2050, approximately 68 percent of the world's population is likely to live in urban areas, up from 55 percent in 2017. Direct correlation between wireless door lock system and macroeconomic expansion is expected to auger well for stakeholders in the global market, on the back of growing demand from the rapidly expanding construction sector and electronic industry. Steadiness in residential and commercial construction projects, particularly in emerging economies of Asia Pacific and developed countries in Europe is likely to pave potential growth pathways for wireless door lock system manufacturers.

Up Gradation to Smart Homes Offering Potential Opportunities for Wireless Door Lock System Manufacturers

Sales of wireless door lock system is likely to increase with growing demand for smart homes. With smart home demand remaining renascent in developed countries, regions such as North America and Europe are expected to emerge as lucrative markets for wireless door lock system. This growth in demand is also augmented with rising smartphone use. On the back of growing GDP per capita, individuals are more inclined towards the use of systems with enhanced security features integrated in their smart homes. Against this backdrop, manufacturers of electronic locks are focused on product innovations, in turn fueling demand for wireless door lock system.

To understand and assess the wireless door lock market opportunities and trends, the global wireless door lock market report has been categorically split into different sections based on market segmentation – by connectivity, by end use and by region. The wireless door market report starts with the market overview and provides market definition and taxonomy along with value chain, pricing analysis, drivers, restraints and trends in the market. The sections that follow include the global wireless door lock market analysis by connectivity, by end use and by region level analysis. Moreover, the wireless door market is also analyzed on the basis of components including scanners, batteries, transceivers, locks and others on a global level. All the above sections evaluate the market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global wireless door lock market. To give a brief idea about revenue opportunities from the connectivity, end use and region segments, the report also provides the market value, absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018–2026).

In the final section of the report, we have provided the global wireless door lock market structure and a detailed competition landscape with company market share and performance, to provide report audiences with a dashboard view of key players operating in the global wireless door lock market along with their business strategies. This would enable clients to assess strategies deployed by wireless door lock market leaders and help them develop effective strategies accordingly.

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Key Players Dominating the Global Wireless Door Lock Market

Some of the key market participants reported in this study of the global wireless door lock market include ASSA Abloy, Dormakaba Holding AG, Allegion PLC, Salto Systems S.L., Centurion Systems. Sentrilock LLC, Hanman International Pte Ltd, Honeywell International, Inc., Robert Bosch GmbH, Godrej Locking Solutions & Systems, Stanley Black & Decker Inc, Spectrum Brands Holdings, Inc. and Johnson Control International Inc., among others.

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